The other thing to remember is that the contract on the loan...

The other thing to remember is that the contract on the loan states that it must be repaid by a certain date and this has been disclosed since the loan was first taken out. The part that wasn't stated is whether refinancing is going to be available or not. This is entirely normal and is always at the discretion of the creditor. If AJX talked to their creditor about getting refinancing this is not a continuous disclosure requirement, whatever the answer. Talking about financing is considered normal day to day business. Inking an agreement, however, is a disclosure requirement. This applies to debt or equity financing.

Their disclosure so far has been to inform the AGM that a partial refinance has been made available, which is good news, but it hasn't been stated, to my knowledge, that a full refinance was available. They don't have to say anything at all until an agreement is actually inked.

I think it is more likely that AJX was aware that full refinancing wouldn't be available and that they considered the best course of action was to go to the equity market to replace the funds. This method also has other benefits, which they have stated.